Dow gained 213, advancers over decliners 5-2 & NAZ rose 114. The MLP index was up about 1 to the 238s & the REIT index added 3+ to the 364s. Junk bond funds remained mixed & Treasuries had limited buying which reduced yields. Oil crawled higher, edging over 80, & gold was up 7 to 1947 (more on both below).
AMJ (Alerian MLP Index tracking fund)
![Live 24 hours gold chart [Kitco Inc.]](https://www.kitco.com/images/live/gold.gif?0.2180338269244485)
Apple (AAPL), a Dow & NAZ stock, is planning some major updates for its iPad Pro in 2024, including a
new Magic Keyboard, a shift to the M3 chip, & brighter & sharper
displays. Changes
to its iPad lineups have been subtle in recent years, including
better cameras & sensors, but the iPad Pro's overhaul would be the
first major update the company has made since 2018. The
revamped iPad Pro will likely boost iPad sales, which have slowed to
their lowest level since the Covid-19 pandemic began in 2020. IPad revenue fell 20% year over year during its fiscal Q3. AAPL's new updates may inspire some consumers to splurge on an upgrade & iPad Pros are its most expensive tablets. The
new iPad Pro will support a new Magic Keyboard, an accessory
first introduced in 2020. The keyboard will feature a larger trackpad & will make the tablet feel similar to a laptop, according to the
report. The updated tablet will also be the company’s first tablet with
an M3 chip & OLED display, which has been a fixture of its iPhones
since 2017. The iPad Pro will come in an 11-inch size & a
13-inch size, which is just slightly larger than the 12.9-inch model
that was previously offered. The new iPad Pro will not be
announced at the upcoming launch event in Sep, but it will
debut in the spring or summer of next year. The stock rose 1.58.
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Apple reportedly planning major iPad Pro upgrade
It's been 10 months since the Food & Drug Administration (FDA) first announced a nationwide shortage of Adderall, one of the most widely used medications for attention deficit hyperactivity disorder, & the supply strain could potentially worsen in the months ahead. While some supply issues have improved, many Americans are still struggling to find & fill prescriptions for the drug & other medications for ADHD that they often rely on to stay focused & complete daily tasks. Drug-shortage
experts said that it's extremely difficult to forecast how much
longer the shortages will last because of the lack of transparency in
the pharmaceutical industry, & some are concerned about market
conditions as children, who are commonly affected by ADHD, head back to
school. “Unfortunately, we might see the shortage worsen. We are
heading into back-to-school time, so I am worried about it worsening as
we go into that season,” Erin Fox, a pharmacist at the University of
Utah & leading expert on US drug shortages, said. Adderall is one of more than 300 drugs in short supply in the US as of Jun, according to a list from the American Society of Health-System Pharmacists, which
represents pharmacists in a variety of health-care settings. That list
also includes Adderall alternatives like methylphenidate, which is commonly known under the brand names Ritalin or Concerta. Adderall & alternative ADHD medications apart from other drugs are Schedule 2 controlled substances. That
means the federal gov regulates how those drugs are made,
prescribed & dispensed because they've been deemed to have a high
potential for abuse & could potentially lead to severe psychological
or physical dependence. The designation also means that patients need to
get new prescriptions for those drugs every 1-3 months. Ms
of Americans in the US use the drugs to help them concentrate,
control their impulses & manage their schoolwork, employment or
relationships with others. ADHD is usually diagnosed in childhood &
often lasts into adulthood. An estimated 6M children have been diagnosed with ADHD & 60% were being treated with
medication as of 2016, according to the Centers for Disease Control &
Prevention. Meanwhile, around 8M adults have been diagnosed with the condition, but only about a qtr of that number are getting treatment for it. Historically, prescriptions for ADHD medications increase as the
school semester starts around the US & “there is no indication
this year will be different,” according to David Margraf, a
pharmaceutical research scientist at the University of Minnesota's
Center for Infectious Disease Research & Policy. Some drugmakers have said they expect to resupply a few ADHD products in Aug or Sep, according to an FDA database on
shortages. But Margraf said “we need to be cautiously optimistic”
because drugmakers don’t disclose exact numbers of how much stock
they’ll have available by then.
ADHD drug market faces a further back-to-school supply strain
Pres Biden approved an emergency declaration for Florida as Tropical Storm Idalia approaches & strengthens. Idalia is projected to grow to a Category 3 hurricane as it approaches the Florida coast, Florida Gov. Ron DeSantis said, bringing with it heavy rain, wind & the potential for storm surge. It is expected to reach the Florida coast by Wed morning. “This is going to be a major impact,” DeSantis said. Biden spoke with DeSantis on this morning & assured him that the federal gov would fully support the state in preparation for the storm & the aftermath. Declaring an emergency allows the Dep of Homeland Security & the Federal Emergency Management Agency to coordinate relief & provide needed assistance. As of this morning, the storm was 90 miles off the western coast of Cuba with winds up to 65 miles per hour. The National Hurricane Center said a storm surge warning for life-threatening rising water is in effect for much of Florida's western coastline, including Tampa Bay & the Big Bend region of Florida. Kevin Guthrie, exec director of the Florida Division of Emergency Management, said the system is expected to bring 7-10 feet of storm surge in Pinellas County, which is near Tampa Bay. Flash flooding is expected along the west coast of Florida, the panhandle & areas of southern Georgia, eventually spreading to the eastern Carolinas.
Biden signs state of emergency order for Florida as Tropical Storm Idalia approaches
Gold futures settled higher for the first time in 3 trading sessions, finding support as the $ & Treasury yields steadied, easing some of the recent pressure on prices for the precious metal. Dec gold rose $6 (0.4%) to settle at $1946 an ounce after trading as high as $1954.
Gold futures post first gain in 3 sessions
US oil futures finished higher, as traders monitored developments tied to Tropical Storm Idalia. The storm is expected to become a hurricane later today & reach the Gulf Coast of Florida on Wed, potentially impacting energy operations in the region. West Texas Intermediate crude for Oct climbed 27¢ to settle at $80.10 a barrel.
U.S. oil futures end higher as traders eye storm risks
Stocks didn't do much of anything today with a modest bias from buyers. Jul's Job Openings & Labor Turnover Survey (JOLTS) is due tomorrow & the estimate for real GDP growth (seasonally adjusted annual rate from the Fed in Atlanta) in the 3rd qtr of 2023 is 5.9% & due on Wed. The problem with strong GDP growth means that the Fed still has work to do.Dow Jones Industrials
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